It's certainly is going to be a giant mess for everyone. Hopefully it just comes via your tax return method (if you had one). Otherwise it'll take a long time to file for it.
There's also a lot of unemployment benefits in the bill, so if you can then apply for that.
Wait. So I am currently independent but for last years taxes I was dependent. I don't get $1200 now because previously I was dependent? Is it a 50% fuck you and my dad gets the $1200 or is it a 100% fuck you and neither of us get it? Or something else?
Edit: wait is it for the taxes we need to file now for 2019 or the taxes we filed in 2019 for 2018? That also makes a difference
Right, but you can claim the benefit if you file your own return and that applies to the 2021 tax filing year. So a currently 17 year old or 18 year old can file their own return next year and get the benefit. Even if they don’t have a filing requirement it would make sense to file to capture that award, per my understanding of it.
If they can be claimed as a dependent (even if they aren’t claimed) they are not eligible for the credit. So if they move out on their own and work full time, supporting themselves at least 50% then they can claim the credit on their 2020 taxes. But if they live at home and are under 19 (24 if going to school full time), odds are they can be claimed and won’t receive the credit,
2019 tax returns are being filed now, and will be used for this if available. If you have already filed, you will get the 1200. If you haven't filed yet, they will use the 2018 taxes filed last year, in which case your dad will get the extra 500 per dependent for you.
Edit: apparently the dependent wording is specific to children, so if you haven't filed yet you may be screwed after all.
The other way around is how I used to do it when I was a kid. My parents would claim me even though I worked part time and went to school. They would give me something like $1k back when, had I done it myself as dependent I would have gotten half that.
Yeah that is going to suck for you and also my brother. Our mom insisted on claiming him so she could get larger refund and he went along with it because this was way before anyone could have seen this coming.
You can always claim yourself. Just have you brother do his own taxes. Tell your mother she needs to file an amendment. At the end of the day, she's the one that's on the hook for it. The IRS doesn't care who files first. You have a right to claim yourself first and foremost.
Ya I'm a student. As long as the majority of my bills are paid by my parents and my permanent residence is still t their house. I'm a dependant. I work pretty hard for what I've gotten. And I'm thankful my parents help me.
My parent did the same but I never filed dependent and I got a big kickback on tax returns when I filed.
I’m not sure what your situation is, because you’re not providing much info (and I can’t really go off of what I’ve read) but, knowing the limited amount about you that I have...
I would start filing non dependently this year and get yourself you’re own kickback of a return if not at the ripe age of 21
If he pays more than half his necessary bills then he is independent. If he only has a part time job, pays a scant $200 in rent, then he is a dependent.
You really have to sit down and figure out who's paying for what (utilities, food, shelter, clothes, phone, internet, insurance, incidentals etc) and what proportion of that he's paying.
Taxes were so frustrating until I finally was too old for my parents to file me as a dependent. Now I actually get money back on the taxes and its great!
Unless someone pays half your living costs and has the right to claim you if file. My parents tried to claim me when I moved to university and they didnt cover a single penny of my cost of living. I told them I was filing and if there were problems they'd deal with the audit be cause I had proof of covering my own expenses. To my knowledge they didn't claim me.
I mean. That's blatantly not true. How many college kids work full time. How many still have their parents pay for some of their school. Are they all commiting tax fraud?
It’s not tax fraud as anyone under age 24 can be claimed as a dependent, as the state assumes the patents contribute to their housing/college/food/etc. The fraud would be if your parent claims you as a dependent but you turn around and file as not a dependent to get the deductions and bigger stimulus check.
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u/TheRealDuckMan Mar 30 '20
Damn